Earnings Per Common Share Computations

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share Computations [Abstract]

NOTE 11 — EARNINGS PER COMMON SHARE COMPUTATIONS

The following is a reconciliation of the numerator and denominator of the earnings per common share computations (in thousands, except per share data):


	Three Months Ended September 30,					Nine Months Ended September 30,
	2011		2010			2011			2010
Numerator for basic earnings from continuing operations per common share:
Earnings from continuing operations	$	19,720	$	3,700		$	56,524		$	23,825
Earnings from continuing operations allocated to participating securities		—		(100	)		(926	)		(707	)

Numerator for basic earnings from continuing operations per common share	$	19,720	$	3,600		$	55,598		$	23,118

Numerator for basic net earnings per common share:
Net earnings (loss)	$	19,780	$	(689	)	$	56,742		$	18,248
Net earnings allocated to participating securities		—		—			(929	)		(542	)

Numerator for basic net earnings (loss) per common share	$	19,780	$	(689	)	$	55,813		$	17,706

Numerator for diluted net earnings per common share:
Earnings from continuing operations	$	19,720	$	3,700		$	56,524		$	23,825
Discontinued operations, net of income taxes		60		(4,389	)		218			(5,577	)

Net earnings (loss)	$	19,780	$	(689	)	$	56,742		$	18,248

Denominator for net earnings per common share:
Basic		16,858		16,311			16,555			14,796
Plus dilutive effect of stock options		116		4			105			8
Plus dilutive effect of convertible note		—		453			279			453

Diluted		16,974		16,768			16,939			15,257

Earnings per common share:
Basic
Earnings from continuing operations	$	1.17	$	0.22		$	3.36		$	1.56
Discontinued operations		—		(0.26	)		0.01			(0.36	)

Net earnings (loss)	$	1.17	$	(0.04	)	$	3.37		$	1.20

Diluted
Earnings from continuing operations	$	1.16	$	0.22		$	3.34		$	1.56
Discontinued operations		0.01		(0.26	)		0.01			(0.36	)

Net earnings (loss)	$	1.17	$	(0.04	)	$	3.35		$	1.20

Options to purchase approximately 18 thousand shares for each of the three and nine months ended September 30, 2011, respectively, were not included in the computation of earnings per common share because the options' exercise prices were greater than the average market price of the common shares. Options to purchase approximately 191 thousand shares and 137 thousand shares for the three and nine months ended September 30, 2010, respectively, were not included in the computation of earnings per common share because the options' exercise prices were greater than the average market price of the common shares.